11 October 2019 09:52, UTC

In a recent announcement from the CEO of Binance, Changpeng ZHAO, the largest payment gateway in China, Alipay would be the biggest crypto payment gateway in the future. Zhao mentioned multiple times that the exchange of fiat to crypto is still possible to be facilitated on Alipay despite the Chinese regulations on cryptocurrencies.

However, according to a recent statement from Alipay, the company is not planning on implementing any kind of support for crypto exchanges that sell cryptos in exchange for fiat currencies. The company mentioned that they monitor the transactions happening on their platforms very closely and deny any and all that have some remote connection to cryptocurrencies per the Chinese regulation.

It’s not only about payments as well, but cryptocurrency exchanges are also completely banned in Mainland China and have to rely on payment providers like Alipay to receive transactions from the country. But now, it seems that dependency is also slipping away from their hands.

24-09-2019 16:41:05  |   News

The Chinese government is extremely unlikely to back down from its regulation as allowing cryptos introduces new issues in tracking consumer activity. It’s not just Alipay as well, Wechatpay, another large Chinese payment provider denied Bitcoin merchants any kind of presence on their platform and denied claims from Binance CEO which he had similarly made about WeChat in the past.

Overall, it doesn’t seem that any company could allow crypto payments without breaking the law, and nobody wants to risk that for a 1% commission.

Image courtesy of Smart Shanghai

By admin

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